How to get the wealth tax bill passed in 2018

A tax on wealth generated by investors like hedge fund managers and billionaires would help raise billions for infrastructure and public safety, but Democrats would prefer to raise it on businesses, corporations and wealthy individuals.

“This is about the fairness of the tax system,” Senate Minority Leader Chuck Schumer said on Tuesday.

“It is a tax on the very wealthy.” 

But Schumer and Senate Republicans will need Democrats to vote for it in order to move the bill through the Senate. 

The bill also includes a new $50,000 income tax credit for millionaires, a $200,000 cap on the amount of tax paid by people who have less than $10 million in taxable assets, and a $500,000 limit on what a person can deduct from his or her taxes.

The tax credit will be phased out for people earning more than $200 million a year.

The plan also includes $2,500 in refundable child tax credits for children who earn up to $1 million and $2.5 million for people who earn between $1.5 and $1,945,000.

The tax cuts will go into effect on Jan. 1.

Forbes: ‘Elon Musk, Warren Buffett, Bill Gates are in line for billions of dollars in tax cuts under Trump’s tax plan’

CNBC: Billionaire Elon Musk, billionaire Warren Buffett and billionaire Bill Gates will get a windfall from the Trump administration’s tax reform proposal, according to the New York Times.

Musk’s wealth is expected to be worth $16.5 billion when it is distributed, according the paper.

Buffett’s is estimated at $10.6 billion.

The NYT estimates that the tax bill will increase the top tax rate to 39.6% from 35%.

The tax plan includes $2 trillion in corporate tax cuts over 10 years, $500 billion in health care savings, $2.4 trillion in investment tax relief, $300 billion in childcare tax cuts, $700 billion in job creation tax relief and $500 million in a $1 trillion tax-free credit for college students.

The NYT says the tax plan is likely to add $8 trillion to the deficit by 2027.

The tax bill also includes $400 billion in tax relief for people earning less than $1 million a year, the NYT says.